Burford Capital completes reorganisation
Burford Capital revealed Wednesday it has completed its reorganisation which was announced on November 22nd.
Burford Capital revealed Wednesday it has completed its reorganisation which was announced on November 22nd.
Burford, publicised as the world's largest provider of investment capital and risk solutions for litigation, has issued 24.5m new ordinary shares of the company to the principals of the investment advisor. It has also cancelled the investment advisory agreement that entitles the principals to performance fees.
The principal's ordinary shares are subject to a two-year lock-up and to other restrictions negotiated with the company's board.
"An application has been made for the new ordinary shares, which will rank pari passu with the company's existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence today," the firm said in a statement Wednesday.
The total number of shares in issue and the overall ordinary shares in the company with voting rights will be 204m following the issue of the new ordinary shares.
Burford, a closed-end $300m investment fund publicly traded on the London Stock Exchange's AIM, has a market capitalisation of £201m with shares currently standing at 98.50p.
RD